Salve Regina University purchases Pennfield School in leaseback agreement for $3.4M

James Bessette

July 2, 2021 8:08 am

THE PENNFIELD SCHOOL in Portsmouth was purchased by Salve Regina University as part of a sale and leaseback agreement for $3.4 million. / COURTESY THE PENNFIELD SCHOOL — THE PENNFIELD SCHOOL property in Portsmouth was purchased by Salve Regina University as part of a sale and leaseback agreement for $3.4 million. / COURTESY THE PENNFIELD SCHOOL

PORTSMOUTH – Salve Regina University announced Friday that it has reached a long-term sale and leaseback agreement with The Pennfield School, where the university has purchased the Pre-K-8 private school’s 19 acres of buildings and grounds for $3.4 million. The purchase, which closed June 29, will provide Salve with asset and stable cash flows, as…